Vikram Solar IPO received 1.44 times subscription applications by Day 1

Mumbai, 19 August 2025: Vikram Solar IPO received 1.44 times subscription applications by the end of Day 1. Vikram Solar Limited’s initial public offering (IPO) opened for subscription today, targeting ₹2,079.37 crore through a combination of a fresh issue of 4.52 crore shares aggregating ₹1,500.00 crore and an offer for sale of 1.75 crore shares aggregating ₹579.37 crore. The IPO will close on 21 August 2025, with allotment expected on 22 August 2025 and a tentative listing on the BSE and NSE on 26 August 2025.

IPO Price Band Set Between ₹315 and ₹332 Per Share, Minimum Investment ₹14,175

The price band for the IPO is set at ₹315 to ₹332 per share, with a lot size of 45 shares. Retail investors can invest a minimum of ₹14,175, while small non-institutional investors (sNII) require ₹2,09,160 for 14 lots, and big non-institutional investors (bNII) ₹10,00,980 for 67 lots. JM Financial Ltd. acts as the book running lead manager, with MUFG Intime India Pvt. Ltd. as the registrar.

Revenue Up 37% to ₹3,459.53 Crore, Profit After Tax Rises 75% to ₹139.83 Crore YoY

For the financial year ending 31 March 2025, Vikram Solar posted total income of ₹3,459.53 crore, a 37% increase from ₹2,523.96 crore in FY 2024. Profit after tax (PAT) surged 75% to ₹139.83 crore from ₹79.72 crore, driven by higher domestic and international solar module sales. EBITDA increased to ₹492.01 crore, reflecting improved operational efficiency.

Key Metrics Highlight Strong Returns and Low Debt Exposure

Vikram Solar demonstrates solid operational performance with return on equity (ROE) at 16.57%, return on capital employed (ROCE) at 24.49%, and a debt-to-equity ratio of 0.19, indicating minimal financial leverage. EBITDA margin is 14.37%, while the price-to-book value stands at 8.46, signalling investor confidence in sustainable growth.

Pan-India Operations with High-Efficiency Solar Modules Driving Growth

Founded in 2005, Vikram Solar manufactures high-efficiency solar photovoltaic (PV) modules and offers engineering, procurement, and construction (EPC) services along with operations and maintenance (O&M). Headquartered in India, the company serves 23 states and 3 union territories through 41 distributors, 64 dealers, and 67 system integrators. Manufacturing units are located in Falta SEZ, Kolkata, West Bengal, and Oragadam, Chennai, Tamil Nadu.

IPO Proceeds Allocated to Expansion and Corporate Objectives

Proceeds from the IPO will fund partial capital expenditure for Phase-I and Phase-II projects, totalling ₹1,364.94 crore, while the balance will support general corporate purposes.

The Vikram Solar IPO presents an opportunity for investors to participate in India’s expanding renewable energy sector, backed by strong revenue growth and clear expansion plans.

Disclaimer : This content is only for informational purpose. It does not make any recommendation to act or invest.